Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost priniciples contained in the Unform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Townhall II, Inc. has elected to not use the 10 percent de minimus cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of Federal awards (Schedule) includes the Federal award activity Townhall II, Inc. under programs of the Federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Townhall II, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Townhall II, Inc.